Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Net income (loss) $ 240,157 $ (1,869,656)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 71,955 41,387
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 642 554
(Reversal of) provision for credit losses on investment securities (1,135) 45,638
Realized and unrealized (gains) losses on investment securities (131,733) 1,035,969
(Gain) loss on servicing asset (327,438) 586,665
Realized and unrealized loss on interest rate swaps and swaptions 17,249 237,980
Unrealized loss on other derivative instruments 43,466 64,589
Equity based compensation 1,790 2,315
Net change in assets and liabilities:    
Decrease in accrued interest receivable 6,647 34,780
Decrease (increase) in deferred income taxes, net 24,546 (44,090)
Decrease in accrued interest payable (9,760) (70,083)
Change in other operating assets and liabilities, net 257 34,158
Net cash (used in) provided by operating activities (63,357) 100,206
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (131,315) (4,354,636)
Proceeds from sales of available-for-sale securities 2,050,943 15,586,752
Principal payments on available-for-sale securities 1,047,364 1,119,117
Purchases of trading securities 0 (1,052,500)
Proceeds from sales of trading securities 0 1,053,477
Purchases of mortgage servicing rights, net of purchase price adjustments (168,170) (180,951)
(Payments for) proceeds from sales of mortgage servicing rights, net 0 (1,433)
(Purchases) short sales of derivative instruments, net (64) (3,630)
(Payments for termination and settlement) proceeds from sales and settlement of derivative instruments, net (14,755) (58,840)
Payments for reverse repurchase agreements (304,875) (1,591,621)
Proceeds from reverse repurchase agreements 320,400 614,756
Increase (decrease) in due to counterparties, net 94,572 (321,110)
Change in other investing assets and liabilities, net 10,000 508
Net cash provided by investing activities 2,904,100 10,809,889
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 11,976,033 35,793,417
Principal payments on repurchase agreements (15,443,869) (46,096,150)
Proceeds from revolving credit facilities 164,000 25,000
Principal payments on revolving credit facilities (4,372) (72,857)
Proceeds from convertible senior notes 279,912 0
Repurchase of convertible senior notes (143,118) 0
Proceeds from Federal Home Loan Bank advances 0 585,000
Principal payments on Federal Home Loan Bank advances 0 (745,000)
Redemption of preferred stock (274,951) 0
Proceeds from issuance of common stock, net of offering costs 99 142
Repurchase of common stock 0 (1,064)
Dividends paid on preferred stock (22,418) (18,950)
Dividends paid on common stock (46,530) (109,175)
Net cash used in financing activities (3,515,214) (10,639,637)
Net (decrease) increase in cash, cash equivalents and restricted cash (674,471) 270,458
Cash, cash equivalents and restricted cash at beginning of period 2,646,431 1,616,826
Cash, cash equivalents and restricted cash at end of period 1,971,960 1,887,284
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 30,908 236,043
Cash paid for taxes, net 0 119
Noncash Activities:    
Dividends declared but not paid at end of period $ 60,384 $ 0